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Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. It provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. The company also offers commercial real estate and construction, commercial and industrial, small business, secured and unsecured commercial, and consumer real estate loans; term loans and revolving/nonrevolving lines of credit; overdraft protection and letters of credit; and residential mortgages and home equity loans and lines. In addition, it provides cash management services, such as ACH transaction processing, positive pay, and remote deposit services; investment management and trust services to individuals, institutions, small businesses, and charitable institutions; interchange fees; ATM fees; mobile, online, and telephone banking; estate settlement, financial planning, tax services, and other services; debit and credit cards; and mutual fund and unit investment trust shares, third party model portfolios, general securities, fixed and variable annuities, and life insurance products, as well as advisory platforms. Further, the company invests in low-income housing tax credit projects; holds, maintains, and disposes foreclosed properties; and operates as an investment advisor. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $849M | - | $205M | $239M | 5.8% | 24.3% | 6.8% |
| 2024 | $683M | - | $192M | $209M | 6.4% | -5.4% | -19.8% |
| 2023 | $722M | - | $240M | $261M | 8.3% | 0.3% | -9.2% |
| 2022 | $720M | - | $264M | $399M | 9.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 720.25 | 722.13 | 683.11 | 849.03 |
| Operating Revenue | - | 720.25 | 722.13 | 683.11 | 849.03 |
| Selling General And Administration | - | 211.66 | 234.09 | 244.54 | 300 |
| Interest Income | - | 642.84 | 795.73 | 852.75 | 1,022.40 |
| Interest Expense | - | 29.59 | 189.20 | 291.02 | 313.57 |
| Net Interest Income | - | 613.25 | 606.52 | 561.73 | 708.83 |
| Pretax Income | - | 347.75 | 315.13 | 247.13 | 262.17 |
| Tax Provision | - | 83.94 | 75.63 | 55.05 | 57.05 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.71 | 0 | -0.42 | -8.62 |
| Net Income Continuous Operations | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Net Income From Continuing And Discontinued Operation | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Net Income From Continuing Operation Net Minority Interest | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Net Income | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Net Income Common Stockholders | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Net Income Including Noncontrolling Interests | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Normalized Income | - | 269.20 | 239.50 | 193.56 | 236.13 |
| Diluted NI Availto Com Stockholders | - | 263.81 | 239.50 | 192.08 | 205.12 |
| Basic Average Shares | - | 46.37 | 44.18 | 42.50 | 46.17 |
| Diluted Average Shares | - | 46.39 | 44.19 | 42.51 | 46.19 |
| Reconciled Depreciation | - | 38.80 | 36.10 | 40.89 | 42.14 |
| Total Unusual Items | - | -7.10 | 0 | -1.90 | -39.64 |
| Total Unusual Items Excluding Goodwill | - | -7.10 | 0 | -1.90 | -39.64 |
| Special Income Charges | - | -7.10 | 0 | -1.90 | -39.64 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 7.10 | 0 | 1.90 | 39.64 |
| Gain On Sale Of Security | - | 2.93 | 3.33 | 2.12 | 3.56 |
| Depreciation Amortization Depletion Income Statement | - | 7.66 | 6.88 | 5.90 | 16.91 |
| Depreciation And Amortization In Income Statement | - | 7.66 | 6.88 | 5.90 | 16.91 |
| General And Administrative Expense | - | 211.66 | 234.09 | 244.54 | 300 |
| Other Gand A | 6.90 | 10.96 | - | - | - |
| Salaries And Wages | - | 204.71 | 222.14 | 233.65 | 287.50 |
| Insurance And Claims | - | 6.95 | 11.95 | 10.89 | 12.50 |
| Selling And Marketing Expense | 4.08 | - | - | - | - |
| Amortization | - | 7.66 | 6.88 | 5.90 | 16.91 |
| Amortization Of Intangibles Income Statement | - | 7.66 | 6.88 | 5.90 | 16.91 |
| Occupancy And Equipment | - | 49.84 | 50.58 | 52.07 | 57.60 |
| Professional Expense And Contract Services Expense | - | 9.62 | 8.95 | 7.12 | 6.61 |
| Other Non Interest Expense | - | 80.12 | 83.24 | 88.19 | 100.64 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Independent Bank Corp.this co. | INDB | $3.8B | 18.52↑ premium | 1.07 | 5.8% | - |
| United Community Banks, Inc. | UCB | $4.0B | 12.12 | 1.09 | 9.0% | - |
| Cathay General Bancorp | CATY | $3.9B | 12.38 | 1.33 | 10.8% | - |
| Cohen & Steers, Inc. | CNS | $3.8B | 24.67 | 6.73 | 27.3% | 17.84 |
| First BanCorp. | FBP | $3.8B |
| - |
| - |
| - |
| - |
| - |
| 10.90 |
| 1.91 |
| 17.5% |
| - |
| Renasant Corporation | RNST | $3.7B | 20.64 | 0.96 | 4.7% | - |
| WSFS Financial Corporation | WSFS | $3.7B | 12.89 | 1.35 | 10.5% | - |
| BancFirst Corporation | BANF | $3.7B | 15.37 | 1.99 | 13.0% | - |
| Bread Financial Holdings, Inc. | BFH | $3.7B | 7.11 | 1.11 | 15.6% | 4.25 |
| Peer Median | - | 12.63 | 1.34 | 11.9% | 11.05 | |